UK to announce £250m package to boost North Sea oil industry

UK Prime Minister David Cameron announced £250m boost for the North Sea oil industry, which has been facing a prolonged slump in oil prices.

The new UK City Deal will see the UK Government, Scottish Government and local authorities work together to invest in future of North East Scotland.

Most of the investment will be made to boost innovation and diversification in the oil and gas industry

Vietnam warns China for moving oil rig into disputed waters


Vietnam warned China against moving a $1bn deepwater oil rig into disputed waters of the South China Sea, warning it could repeat the diplomatic row between the two countries from 2014.

According to Vietnam, the rig entered disputed water last Saturday.

The diplomatic standoff started in the first quarter of 2014, when China National Offshore Oil, the operator of the deepwater rig Haiyang Shiyou 981 (HYSY 981), towed it into waters claimed by the two countries.

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Shell to axe 10,000 jobs during 2016 to cut costs

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Royal Dutch Shell announced plans to cut 10,000 jobs and direct contractor positions by the end of 2016 in a bid to cut costs amid a fall in oil prices.

The job cuts will occur across Royal Dutch Shell as well as BG Group, following an acquisition as part of a streamlining and integration of the two companies.

In April 2015, Shell announced plans to buy BG Group in $70bn deal to become a dominant entity in the LNG market.

Statoil cuts capital expenditure at Johan Castberg oilfield in Barents Sea

Statoil reduced its planned capital expenditure to around $6bn for the delayed Johan Castberg oilfield in the Barents Sea.

The company has delayed the field’s operations as it has not discovered more oil near the site as hoped.

Statoil said that production at the field is expected to start in 2022 if it is approved as planned in 2017.

Clough to provide hook-up services for $34bn Ichthys LNG project in Australia

Samsung Heavy Industries (SHI) awarded a contract to engineering group Clough for hook-up services on the Inpex-led $34bn Ichthys LNG project central processing facility (CPF) in Australia.

The Ichthys semi-submersible platform will have a topsides weight of 70,000t.

Clough plans to begin the work in the first quarter of this year, which will include the preparation and execution of offshore hook-up activities and assistance to commissioning.

Norway awards 56 oil and gas exploration licences on Norwegian Continental Shelf


Norway’s Ministry of Petroleum and Energy awarded 56 oil and gas exploration licences in mature areas on the Norwegian Continental Shelf (NCS).

The licences have been offered in the Awards in Pre-defined Areas 2015 (APA 2015) licensing round in a bid to increase activity for the industry, which is experiencing weak crude prices.

A total of 36 companies were awarded stakes to explore in the mature areas, or areas that are already opened for exploration.

Leviathan project partners in talks to supply gas to Israeli companies

Noble Energy and its partners at the Leviathan natural gas field in the Mediterranean Sea off the coast of Israel reportedly held talks to supply gas to companies in the region.

Leviathan site development is being led Noble Energy and Delek through its units Delek Drilling and Avner Oil and Gas.

Delek Group units mentioned in a statement to the Tel Aviv Stock Exchange that the companies seeking gas supplies from this offshore field were private electricity producers and industrial companies.

North Sea oil and gas production rises for first time in 15 years

Oil and gas fields in the UK Continental Shelf reported an increase in production for the first time in 15 years by more than 7%, according to Oil & Gas UK.

The industry body predicted a marginal increase in production for 2015.

Oil & Gas UK said that with focus on improving production efficiency coupled with investments of more than £50bn over the last four years to make new fields operational across the last 12 months is providing a better result.

Hyundai to halt operations at offshore oil rigs manufacturing facility in South Korea

Hyundai Heavy Industries announced plans to temporarily stop operations at its manufacturing facility for offshore oil rigs in Onsan, South Korea, due to a lack of orders.

Hyundai spokesman said that after completing its ongoing projects in March 2016, the company will have no further orders to work on.

The facility will be temporarily closed and used to store the company’s raw materials and equipment until new orders have come in.

FMC to provide subsea systems for Woodside’s $2bn Greater Western Flank Phase 2 project in Australia

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FMC Technologies signed an agreement for design, manufacture and supply of subsea production systems for Woodside’s $2bn Greater Western Flank Phase 2 (GWF-2) development for the North West Shelf (NWS) project offshore Western Australia.

Under the $180m contract, FMC will provide subsea production trees, wellheads, manifolds, subsea and topside controls, as well as flowline connection systems.

The company plans to start delivering these services this year and continue through 2018.